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Press Releases
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March 10, 2015
AQM Announces Results From The PFS Drilling Program
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Toronto, Ontario, March 10, 2015 -- AQM Copper Inc. (TSX-V: AQM | BVL: AQM) ("AQM" or the "Company") is pleased to announce results from its Preliminary Feasibility Study (PFS) drilling program at its 30% owned Zafranal Cu-Au Project located in southern Peru. The initial stage of the program was aimed at upgrading the resource category, from Inferred to Indicated, for oxide and mixed portions of the Project's mineral resource as well as better defining the peripheral limits of mineralization. The program was carried out between September 2014 and January 2015 as part of the ongoing Pre-Feasibility work program fully funded by the Project partners.
A total of 39 diamond drill holes, totaling 5534 metres, have been completed. The results, once compiled and interpreted, will allow more detailed geological modeling of the oxide and mixed zones, which were not the focus of the Company's earlier resource delineation programs. The new model to be constructed, alongside an ongoing re-logging effort for all previous drilling, will be used to better constrain the block model and hence upgrade the resource category for this style of mineralization. The updated PEA, published on October 4, 2013, highlighted the economic potential to include a SX-EW facility that would produce an average of 5,949 tons per year of cathode, in addition to the planned 44,000 tons per day (tpd)-flotation plant at Zafranal.
Most of the drill holes in the initial PFS drilling program were targeted to reach the bottom of the oxide/mixed zones, as most of the underlying higher-grade supergene enrichment zone had been previously classified in the indicated and measured categories of mineral resource.
Results from the initial program are shown in Table 1, with comments on the style of mineralization (oxide, mixed and supergene sulphide). The results are in line with what was expected from earlier geological models.
Soluble copper (sulphuric acid and cyanide soluble -- CuSol%) results are shown for all mineral zones. A portion of the copper in the oxide zone is found in goethite and chlorite oxide mineral phases, which are not readily leachable in sulphuric acid or by bacterial activity, and these have not been considered as soluble copper. A 0.15% CuSol% cut-off has been used to report the oxide and mixed intervals. A 0.15% CuT% cut-off has been used to report the hypogene and supergene sulphide intervals. An updated drill hole plan for the in-fill drilling program is available on the Company's website (www.aqmcopper.com).
Table 1: Program Results
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Hole Number
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From (m)
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To (m)
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Length1 (m)
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Cu T%
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Au ppm
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CuSol2%
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Mineral Zone3
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ZFDDH14-256
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No Significant Results
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ZFDDH14-257
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128
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186
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58
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0.39
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0.03
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0.34
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Supergene
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ZFDDH14-258
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40
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70*
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30
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0.28
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0.26
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Oxide
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ZFDDH14-259
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75.75
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100
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24.25
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0.29
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0.02
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0.27
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Supergene
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ZFDDH14-260
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6
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28
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22
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0.50
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0.16
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0.34
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Oxide
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And
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39.8
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52.3
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12.5
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0.60
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0.13
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0.54
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Supergene
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And
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61.5
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134*
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72.5
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0.95
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0.14
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0.84
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Supergene
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ZFDDH14-261
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24
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48
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24
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0.46
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0.14
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0.28
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Oxide
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And
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102.7
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121
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18.3
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0.71
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0.04
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0.64
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Supergene
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ZFDDH14-262
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92
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106
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14
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1.39
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0.10
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1.23
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Supergene
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And
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106
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120
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14
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0.44
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0.09
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0.11
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Hypogene
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ZFDDH14-263
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110
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168*
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58
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0.50
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0.13
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0.41
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Supergene
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ZFDDH14-264
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No Significant Results
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ZFDDH14-265
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120
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191*
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71
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0.56
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0.05
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0.51
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Supergene
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ZFDDH14-266
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No Significant Results
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ZFDDH14-267
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No Significant Results
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ZFDDH14-268
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34
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44
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10
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0.55
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0.03
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0.46
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Supergene
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And
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54
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83*
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29
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0.27
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0.02
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0.22
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Supergene
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ZFDDH14-269
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62
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80
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18
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0.40
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0.05
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0.32
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Supergene
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ZFDDH14-270
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58
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71.4
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13.4
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0.83
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0.08
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0.66
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Oxide
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And
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71.4
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86
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14.6
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0.23
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0.06
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0.02
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Hypogene
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ZFDDH14-271
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46
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90
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44
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0.84
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0.08
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0.73
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Oxide + Supergene
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Including
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46
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60
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14
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0.28
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0.07
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0.18
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Oxide
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Including
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60
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90
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30
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1.11
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0.08
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0.99
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Supergene
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ZFDDH14-272
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No Significant Results
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ZFDDH14-273
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No Significant Results
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ZFDDH14-274
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92
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124*
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32
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0.33
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0.05
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0.29
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Mixed
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ZFDDH14-275
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No Significant Results
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ZFDDH14-276
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No Significant Results
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ZFDDH14-277
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92
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112
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20
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0.16
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0.02
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0.12
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Supergene
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ZFDDH14-278
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No Significant Results
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ZFDDH14-279
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120
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141*
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21
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0.49
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0.06
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0.43
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Supergene
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ZFDDH14-280
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92
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104
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12
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0.28
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0.08
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0.18
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Oxide
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And
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136
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172*
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36
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0.73
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0.05
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0.64
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Supergene
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ZFDDH14-281
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No Significant Results
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ZFDDH14-282
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108
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152*
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44
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1.15
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0.25
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1.05
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Supergene
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ZFDDH14-283
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72
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84
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12
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0.42
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0.02
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0.31
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Oxide
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And
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126
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170
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44
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0.28
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0.01
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0.23
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Mixed
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ZFDDH14-284
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78
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90
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12
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0.34
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0.17
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0.18
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Oxide
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ZFDDH14-285
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18
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30
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12
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0.35
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0.13
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0.25
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Oxide
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ZFDDH14-286
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No Significant Results
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ZFDDH14-287
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No Significant Results
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ZFDDH14-288
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66
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88
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22
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0.54
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0.01
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0.50
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Mixed
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ZFDDH14-289
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No Significant Results
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ZFDDH14-290
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50
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78
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28
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0.18
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0.17
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Oxide
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ZFDDH14-291
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94
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152
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58
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0.73
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0.03
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0.67
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Mixed
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ZFDDH14-292
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78
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140*
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62
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1.15
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0.08
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0.97
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Supergene
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ZFDDH14-293
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52
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150
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98
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0.75
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0.17
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0.63
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Oxide + Supergene
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Including
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48
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70
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22
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0.58
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0.04
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0.45
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Oxide
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Including
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70
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150
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80
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0.77
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0.19
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0.65
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Supergene
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ZFDDH14-294
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60
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180
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120
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0.30
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0.04
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0.20
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Supergene
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Notes:
* End of Hole.
1 All true widths are > 75% of reported widths unless otherwise stated.
2 CuSol% values represent copper grades reporting in the sulphuric acid and cyanide leachable portions of a sequential copper analytical suite. These copper contents may be amenable to leaching with sulphuric acid and bioleaching. They are reported together in this table, pending further metallurgical testwork.
3 A CuSol% cut-off grade of 0.15% was used to report intercepts for Oxide and Mixed copper mineralization, with a minimum interval length of 6 metres and a maximum internal dilution of 6 metres. A CuT% cut-off grade of 0.15% was used to report intercepts for Supergene and Hypogene copper mineralization.
Bruce Turner, the Company's President and CEO commented: "The Project partners are very pleased to have completed the initial phase of the PFS drill program on time and below budget. The information obtained should allow us to include most of the identified oxide and mixed zones in our upcoming Pre Feasibility Study, enhancing the Project's economics and allowing for a more robust mine plan even in these challenging market environments. Confirming the potential for low cost SX-EW facility processing near surface material would be a welcome addition to an already compelling project".
As part of the program to ensure the quality of the mineral resource for the PFS a total of 83,934 metres of drill core have been re-logged under the supervision of Politax S.A., in association with GeoSystems International Inc. who have been contracted to model the mineral resource for the Zafranal PFS. In addition, Politax has developed alteration and lithology models for the Main Zone and Victoria deposits and Atticus S.A.C. has been retained to develop the geological model for the resource calculation of these deposits. A mineral reserve estimate will be completed to support the preliminary feasibility study and that the economic results will be based upon this mineral reserve estimate.
The second phase of drilling that has also recently been completed focused on providing additional samples for metallurgical flotation and leaching test work. A total of 2295 metres of HQ and 2671 metres of PQ-sized drilling have been completed and samples selected for test work.
The Company has implemented a rigorous QA/QC program at Zafranal, which includes the insertion of blanks, duplicates and certified standards into the sample stream. Core is photographed on site and subsequently sawed in half, with one half sent for analysis and the other half stored for future reference and assay verification. All Zafranal samples are shipped to ALS Chemex's sample preparation facility in the city of Arequipa, where they are crushed and pulverized. Prepared samples are shipped to ALS Chemex's certified laboratory in Lima where they are analyzed for gold, copper and multi-element ICP. Additionally, 10% of pulps are sent to a secondary laboratory, with additional control samples inserted, where they are assayed using the same protocols as the main laboratory.
Alvaro Fernández-Baca, P.Geo, consultant geologist acting as the Company's Qualified Person for the purposes of NI 43-101, has approved the geological information contained in this news release.
On Behalf of the Board
Bruce L. Turner
President and Chief Executive Officer
About AQM Copper
AQM Copper Inc. is a Canadian based mineral exploration company exploring and developing copper deposits in South America. The Company's management and directors have extensive experience working for the world's largest mining copper producers and financial institutions.
Through its Peruvian subsidiary, Minera AQM Copper Peru S.A.C. ("MAQM"), the Company is developing the Zafranal Copper-Gold Porphyry Project located in Southern Peru (the "Zafranal Project"). MAQM is the operator of a 50/50 joint venture with Teck Resources Limited through a sole purpose Peruvian company, Compañia Minera Zafranal.
MAQM is owned 60% by AQM and 40% by Mitsubishi Materials Corporation; pursuant to a transaction outlined in the Company's news releases of July 2 and August 15, 2013. As such, the Company has a 30% beneficial ownership interest in the Zafranal Project.
On September 12, 2013, the Company published an updated preliminary economic assessment ("PEA") on the Zafranal Project outlining financial projections for an open pit mine processing 44,000 tpd of mill feed. The PEA showed an after-tax net present value, at an 8% discount rate, of US$616 million on a 100% basis. A long-term copper price of US$ 3.00/lb and gold price of US$ 1274/oz were used in the updated preliminary economic assessment.
Please refer to the Company's website at www.aqmcopper.com for further information regarding the Company and the Zafranal Project.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historical fact relating to AQM Copper Inc., certain information contained herein constitutes "forward-looking statements".
Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "intends", "targets", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would", and "could". We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in AQM Copper Inc.'s public filings, which may be accessed at www.sedar.com. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events, results or otherwise.
To speak with an Investor Relations representative, please contact:
Spyros P. Karellas
Pinnacle Capital Markets LTD.
Erick Underwood
AQM Copper Inc.
Chief Financial Officer
(416) 800-8921
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You can view the Previous Press Releases item: Tue Feb 10, 2015, AQM Copper Inc. Extends Investor Relations Contract
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